MMC, 1H2019: operating income maintained solid, reaching USD 1.6 billion

Marsh & McLennan Companies, Inc. (NYSE: MMC) consolidated revenue was USD 4.3 billion, an increase of 16% compared with the second quarter of 2018. Underlying revenue grew 4% compared to a year ago.

Underlying revenue growth was calculated as if MMC and JLT were a combined company a year ago, but excludes the impact of currency and other acquisitions, dispositions, and transfers among businesses.

For the six months ended June 30, 2019, consolidated revenue was USD 8.4 billion, an increase of 9%, or 4% on an underlying basis.

Operating income for the second quarter (Q2 only) was USD 680 million compared with USD 691 million in the prior year (-1.6% change); adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 19% to USD 894 million.

Operating income for the six months ended (1H2019) was USD 1.6 billion, an increase of 1% from the prior year period; adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 14% to USD 1.9 billion.

Net income attributable to the Company was USD 332 million in the second quarter of 2018, while the net income attributable to the Company was USD 1.0 billion in the first half-year of 2019.


Dan GLASER, President and CEO, commented on the second quarter results:

"We are pleased with our second quarter results, which include Jardine Lloyd Thompson for the first time. We generated solid growth in underlying revenue and adjusted EPS while welcoming 10,000 new colleagues. In the quarter, consolidated underlying revenue grew 4%, adjusted operating income rose 19% to $894 million, adjusted EPS grew 7% to $1.18 and our overall adjusted margin expanded 150 basis points. We are tracking well against our plans and are excited about the long-term growth prospects for our combined firm.

We delivered solid performance in the first half of 2019, with 4% underlying revenue growth, 9% adjusted EPS growth, and adjusted margin expansion of 160 basis points."


More information about Marsh & McLennan Companies second quarter and half-year 2019 performance can be found on company's website.

Source: MMC.com

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